Update: Starbucks has announced the discontinuation of its NFT program, citing the need to prepare for future program evolution according to an FAQ page. For more information, visit the FAQ page.
Recent developments have left the future of the program’s lead, Steve Kaczynski, uncertain, as he shared on Twitter last Friday:
Below is an original interview with Kaczynski from February 22:
Despite the recent slowdown in the NFT space, brands and loyalty programs can still leverage unique opportunities to engage with fans, suggests Steve Kaczynski, co-author of “The Everything Token” and community lead for Starbucks Odyssey.
On TechCrunch’s Chain Reaction podcast, Kaczynski anticipates a trend towards community-based brand building in 2024, emphasizing the role of “brand anchors” within reward programs.
In 2022, Starbucks introduced Starbucks Odyssey as its initial venture into the web3 world, combining the Starbucks Reward loyalty program with NFTs to enhance customer experiences, as previously reported by TechCrunch.
“Starbucks Odyssey helps people find their tribe,” said Kaczynski. “It has fostered real-life friendships between community members across different locations, showcasing the power of web3 connections.”
Kaczynski reports over 58,000 active participants in the loyalty program’s five-tiered system, highlighting broad participation beyond just web3 enthusiasts. Notably, top participants have earned rewards such as a trip to Starbucks’ farms in Costa Rica.
Looking ahead, Kaczynski envisions opportunities for local businesses to leverage NFTs in loyalty programs and incentives, offering a hypothetical example involving Hot Pockets and Fortnite skins.
While NFTs are often associated with high-value digital assets, Kaczynski emphasizes the broader value proposition of digital ownership facilitated by NFT technology, enabling new avenues for engagement and loyalty.
For more insights like these, listen to TechCrunch’s podcast Chain Reaction on Apple Podcasts, Spotify, or your favorite podcast platform.
Connect with us:
- Follow us on X (formerly Twitter) here.
- Contact us via email at chainreaction@techcrunch.com
